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Metaldyne Performance Group Inc. (MPG; NYSE: MPG), the holding company of Grede Holdings LLC, announced pricing of an initial public offering (IPO) of 10 million shares of common stock, at a price to the public of $15 per share.
“The IPO will further strengthen MPG and Grede’s position as leaders in the metal-forming industry,” said Doug Grimm, CEO of Grede and co-president of MPG. “This public offering will provide us with additional flexibility to raise capital in the future to serve our customers and continue to expand our business.”
Grede manufactures cast, machined and assembled components for the light and commercial vehicle and industrial end markets. A recognized innovator in the industry, Grede is meeting the lightweighting needs of its customer througsh the development and production of lightweight, ultra-high-strength, cast ductile iron components for automotive and commercial vehicle chassis and powertrain applications.
“We''ve steadily built a reputation for quality, safety, and value, garnering awards from our customers, industry associations, and communities,” said Grimm. “This IPO is a natural transition for Grede as we continue to advance our leadership position in the metalcasting industry.”
Plymouth, Mich.-based MPG, which is majority-owned by private equity firm American Securities LLC, is a leading provider of highly-engineered components for use in powertrain and safety-critical platforms for the global light, commercial and industrial vehicle markets. The company produces these components using complex metal-forming manufacturing technologies and processes for a global customer base of vehicle OEMs and Tier I suppliers. MPG has a global footprint spanning 61 locations in 13 countires with 12,000 employees.
MPG was formed in August 2014 through the merger of Grede Holdings LLC, HHI Group Holdings, and Metaldyne LLC, to create a new holding company. All three companies were previously majority-owned by affiliates of American Securities, with Grede being acquired in June 2014. Following the IPO, affiliates of American Securities will hold a significant ownership position in MPG and its professionals continue to serve on the MPG’s Board of Directors.
Grede Holdings LLC, an MPG, Inc. company, was formed in 2010 through the combination of assets of the former Grede Foundries, Inc., Blackhawk Foundry (USA), and Citation Corporation. With estimated annual revenues exceeding $1 billion, the Grede legacy dates to 1920 when William J. Grede founded Grede Foundries, Inc. with an iron foundry in Wauwatosa, Wisconsin. With headquarters in Southfield, Michigan, the company specializes in high quality ductile, gray and specialty iron castings, including lost foam and high silicon molybdenum applications. Grede Holdings LLC has 4,600 employees and operates 14 foundries and three machining operations in North America serving the transportation and industrial markets globally.
鑄件展-鑄件采購會-國際鑄件展-2015第十六屆廣州國際鑄件展會-巨浪展覽-The 16th China(Guangzhou )Int’l
Casting product Exhibition
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